Poland: Economic activity accelerates in 2014
January 27, 2015
According to preliminary estimates released by the Central Statistical Office of Poland (GUS), GDP grew 3.3% in annual terms in the full year 2014. The result was in line with market expectations and came in well above the 1.7% expansion recorded in 2013.
The acceleration was mainly driven by a strong expansion in fixed investment, which grew 11.6% in annual terms in 2014 (2013: -3.7% year-on-year). Private consumption expanded 3.0%, which was above the 1.1% increase tallied in 2013, but not strong enough to boost GDP growth. Overall, domestic demand rose 4.6%, marking a notable improvement compared to the mild 0.2% increase recorded in 2013.
More detailed data, including external accounts contribution to growth, will be published on 27 February.
Author: Cecilia Simkievich, Economist